Uber Technologies reports wider loss for Q1 2024; revenue up 15%

Uber Technologies, Inc. (NYSE: UBER) on Wednesday reported a wider net loss for the first quarter of 2024. Revenues of the ride-sharing giant increased 15% during the three months.

Net loss attributable to the company was $654 million or $0.32 per share in the March quarter, compared to a loss of $157 million or $0.08 per share in the corresponding quarter last year.

There was a 15% increase in net revenues to $10.1 billion in the first quarter from $8.82 billion in the same period of 2023. At $37.65 billion, gross bookings were up 20% year-over-year.

“Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale. More than 7 million people now choose to earn flexibly on Uber every month, with driver earnings of $16.6 billion continuing to grow faster than our top line,” said Dara Khosrowshahi, chief executive officer of Uber.

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